The demand from consumers who are looking to buy an existing home is spilling over into new home purchases, according to a new report from the Mortgage Bankers Association.
The MBA’s latest Builder Applications Survey tracks the current homebuilder trends across the country. Here’s what the association expects to see moving into the second half of the year.
The latest survey reported that for July, which sits toward the end of the spring and fall home-buying rush, mortgage applications for new home purchases increased 5.1% compared to July 2016.
On a monthly basis, applications decreased by 12% from June. This change does not include any adjustment for typical seasonal patterns.
While the drop is expected for the month, the uptick from last year shows an increase from the typical July demand.